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Tags: us | travel | group | lost | sales | 520 billion

US Travel Group Sees Lost Sales of $520 Billion by Year-End

US Travel Group Sees Lost Sales of $520 Billion by Year-End
(Joanne Zheng/Dreamstime)

Tuesday, 21 April 2020 09:03 AM

A U.S. travel industry group estimates that lost revenue as a result of the coronavirus pandemic could approach $520 billion by the end of the year, with much of the tourism industry still depressed in December.

The U.S. Travel Association -- which represents airlines and other transportation companies, local attractions, tourism bureaus and other parts of the industry -- released an economic analysis on Monday that said the sector is on track to lose 6.9 million jobs and $83 billion in revenue in April alone as a result of the pandemic and could peak in coming weeks.

The industry has been particularly hard- hit with most Americans sheltering in their homes. Customers aren’t likely to rush to get on crowded planes or enter packed museums even after lockdowns are lifted.

The group’s analysis also predicted nearly 43 million fewer international travelers to the U.S. in 2020, resulting in nearly $120 billion in lost revenue.

The travel association reiterated its call to add $600 billion in funding for small business aid, let businesses take out bigger loans through the end of the year, and expand eligibility for the funds to include tourism marketing groups.

Also on Monday, the National Restaurant Association, another trade group, said that industry had lost more than 8 million jobs, or two-thirds of its workforce, and called for a $240 billion restaurant fund to reflect its likely losses this year.

© Copyright 2022 Bloomberg News. All rights reserved.


StreetTalk
A U.S. travel industry group estimates that lost revenue as a result of the coronavirus pandemic could approach $520 billion by the end of the year, with much of the tourism industry still depressed in December.
us, travel, group, lost, sales, 520 billion
233
2020-03-21
Tuesday, 21 April 2020 09:03 AM
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